According to Jim Cramer, the market can't continue to rally off of just the strength in oil. Cramer would rather see the market running higher led by banks, tech and oil. However, the market has started to lose the positive action in the first two and is now being driven primarily by the strength in crude oil, which is currently trading close to $70 a barrel.

Cramer thinks

oil is too easily manipulated

and that the government seems oblivious to the manipulation and the use over leveraged ETFs that help to drive commodities up and down. He doesn't like that the market is held hostage to oil and he feels investors would be better served by taking profits and waiting for more clarity.

Cramer is also watching

Bank of America

(BAC) - Get Report

as a key "tell" to future market direction. He likes BofA because it's a play on the housing cycle, TARP cycle and mutual fund cycle. If Cramer were

back at his old hedge fund

, he would have BofA up five times on his quote screen.

Recently, Cramer found opportunity in stocks that are hedges against global inflation, stocks that are plays on China and some key stocks that can indicate future market direction. Here are some Cramer highlights from over the past week as aggregated from his "Mad Money" TV show, the "Stop Trading!" segment on

CNBC

and his

RealMoney

blog posts (these blog post require a

RealMoney

subscription).

To read more,

visit Stockpickr.com

.

Who's on Stockpickr Answers?

Scott Rothbort

will be on

Stockpickr Answers

on Monday, June 8, to respond to investing and trading questions posed by members of the Stockpickr community. Not a member?

Join the Stockpickr community today -- free.

Stockpickr is a wholly owned subsidiary of TheStreet.com.